Value Imperative: Managing for Superior Shareholder Returns

392 Pages·1994·22.953 MB·English

by  James M. Mctaggart

$40.00
Moving beyond the strategies that man¬
agers have employed to create share¬
holder value — now the standard for
business performance — management
experts James McTaggart, Peter Kontes,
and Michael Mankins reveal their power¬
ful new framework for the systematic,
day-to-day management of shareholder
value. The authors attack head-on the
fundamental weaknesses in current
management practices, namely, the
stranglehold that budgeting has over
strategic planning and the lack of imagi¬
nation in management plans that pre¬
vents real changes and consequences.
They provide a systematic approach to
"value based management" that elimi¬
nates these weaknesses, offering proven
strategies for managing large, complex
companies to consistently produce
superior results for stockholders.
Building on more than 16 years of con¬
sulting experience with many of the
largest and best-known companies in
North America, Europe, and Australia,
the authors delineate the fundamental
principles of value creation, as well as
the primary obstacles. Starting with the
principle that "cash flows drive value,"
McTaggart, Kontes, and Mankins show
how to create a single governing objec¬
tive that will enable managers to make
decisions most likely to increase the
company's competitive, organizational,
and financial strength. Building on the
objective of maximizing shareholder
value, they outline the value based man¬
agement framework that directly links a
company's strategies and organization
to its value in capital markets. Using real-
world examples, they describe how to
develop business and corporate strate¬
gies that substantially improve competi¬
tive position and increase market value,
often within only two to five years. And as
most large companies lack the internal
processes necessary to manage for

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THE
VALUE
IMPERATIVE

THE
VALUE
IMPERATIVE
Managing for Superior Shareholder Returns
James M. McTaggart
Peter W. Kontes
Michael C. Mankins
THE FREE PRESS
New York London Toronto Sydney Tokyo Singapore
Copyright © 1994 by The Free Press
All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means,
electronic or mechanical, including photocopying, recording, or by any information storage
and retrieval system, without permission in writing from the Publisher.
The Free Press
A Division of Simon & Schuster Inc.
1230 Avenue of the Americas
New York, N.Y. 10020
Printed in the United States of America
printing number
6 7 8 9 10
Library of Congress Cataloging-in-Publication Data
McTaggart, James M.
The value imperative: managing for superior shareholder returns/
James M. McTaggart, Peter W. Kontes, Michael C. Mankins.
p. cm.
ISBN 0-02-920670-7
1. Corporations—Valuation. 2. Corporations—Finance.
I. Kontes, Peter W. II. Mankins, Michael C. III. Title.
HG4028.V3M38 1994
658.15'54—dc20 93-50555
CIP
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